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Odyssey SS Republic Project Update

Principal Photography for the First National Geographic Programs Complete

TAMPA, FL - January 27, 2004 - Odyssey Marine Exploration, Inc. (Amex: OMR) a leader in the field of deep ocean shipwreck exploration, continues to excavate the SS Republic, a ship that sank in 1865 with a large cargo of coins. To date, more than 17,000 coins, with a total face value of $54,500 (approximately 14,230 silver and 2,950 gold coins) and over 750 other artifacts have been recovered. The recovered coins represent approximately 14% of the "$400,000 in specie" (face value) historical records indicate was on board the Republic when she sank.

National Geographic Television and Film has been following the expedition since the beginning. Principal photography was completed last week for the program's planned television broadcasts on Dateline NBC and "National Geographic Ultimate Explorer" on MSNBC. The airdate will be announced when it is confirmed.

"National Geographic is always looking for the world's great stories, and the SS Republic is unfolding as one of the big ones," said David Royle, executive producer of National Geographic Ultimate Explorer and senior vice president for production. "We had hoped to finish the manned submersible sequences in time for the proposed January airdate, but the weather conditions have been very challenging, a real reminder of why the Republic sank. But now that we're finished filming offshore, the adventure on the high seas promises a great night of television."

"We're looking forward to sharing the Republic story with television audiences worldwide via the National Geographic cameras," stated Greg Stemm, Odyssey co-founder. "Our focus now is the recovery of the coins. When that is completed, we will continue the archaeological excavation of other areas of the shipwreck.

Once operations were recommenced in January, the new systems for picking up and managing coins proved very successful. Between January 13 and January 26, more than 13,000 coins were recovered.

The SS Republic was a side wheel steamer that sank in 1865 while en route from New York to New Orleans after battling a hurricane for two days. Odyssey discovered the shipwreck 1,700 feet below the surface of the Atlantic Ocean approximately 100 miles off the Georgia coast. The archaeological excavation of the shipwreck began in November of 2003 and is continuing.

Among the coins already retrieved are numerous gold eagles, gold double eagles, silver half dollars and even some quarters, nearly all dating between the 1840's and 1865. Unlike other recently salvaged shipwrecks, a wide variety of dates and mints have been noted in this find. Based on the pieces recovered thus far that have been professionally conserved by Numismatic Conservation Services (NCS) and graded and encapsulated by Numismatic Guaranty Corporation (NGC), this collection may already include several finest-known examples of United States gold and silver coins from the period. While excavation has already uncovered thousands of coins, there is insufficient information at this point to predict the total value of the shipwreck and its cargo.

Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world, including the SS Republic and HMS Sussex projects. Additional information about Odyssey, its projects and equipment is available at www.shipwreck.net.

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The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB for the year ended February 28, 2003, which has been filed with the Securities and Exchange Commission.

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